Jump to content

At request of insurance companies afraid of climate change, Canada to update flood plain maps for first time in decades, devaluing hundreds of thousands (or millions) of homes.

Recommended Posts



Basically, insurance companies know that climate change is real and that it is affecting their bottom line. To best combat their risk exposure they need data, so they have been working with the federal government to update national flood plain maps. The unfortunate result is going to be the instant devaluation of  many, many homes. In Quebec the government has already begun to offer homeowners $200,000 to move away from at-risk homes. People balk at this as they think their homes are worth more...but in reality if you live on a flood plain in 2019 then your home is basically worth nothing due to the massive rise in catastrophic storms.


The most telling line:



Between 1983 and 2008, says Feltmate, annual insurance payouts for catastrophic events in Canada, mostly flooding, averaged between $250 million and $450 million a year. In nine of the 10 years since 2009, the average annual payout has been $1.8 billion.


Odd to think that one of humanity's biggest allies in fighting climate change will be insurance companies.

  • Haha 1
Link to comment
Share on other sites

The flood plain maps got updated in the houston area post Harvey. It’s interesting to see new subdivisions being built next to ones that are only 20 years old but are having to be built upwards of 6-8 feet higher. A really compelling visual.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    • No registered users viewing this page.
  • Create New...